Blockchain technology may be on the verge of changing the world economy, with its potential to secure transactions across industries and nations.
China, in particular, may play an important role in driving the use of cryptocurrencies in world markets because it has made blockchain technology a strategic priority in its economic success. Because China is a dominant force in the world economy, the use of Bitcoin and other cryptocurrencies may be right around the corner for major tech-savvy cities like Boston.
The potential for blockchain technology to bring about a widespread change of future’s money and cryptocurrencies.
Some experts give forecast about how blockchain is growing impact in the next decade.
Adam Woods is a director of operations at Expercoin, and Earnie Diaz is Chief Marketing Officer at FusionICO, they share their forecasts for the impact of blockchain technologies in the decades ahead:
How will blockchain change the world economy in 10 years?
“Blockchain will create a trustless society.” Woods said.
“Transparency creates trust between parties and organizations. Today, trust is built on long-established relationships, in 10 years, it will be built on the blockchain.” Woods added.
“We will see the tokenization of everything from traditional cryptocurrencies, to stocks and bonds.” Woods said, “ All asset classes will be managed and maintained on distributed ledger technology.”
“China’s entire economy will be running on distributed ledger technology in the next five to seven years. ” Wood said.
“China identified two key technologies in the last revision of their 100-year plan, which they believe are key to their economic success: artificial intelligence(A.I) and blockchain. ” Wood added.
Instead of just listening to what does China said, It’s better to watch what are China actually doing.
“Their government, businesses, and universities have been working on standing up blockchain infrastructure for years,” Woods said. “The Chinese do not particularly like cryptocurrencies, they love distributed ledger technology though.”
Diaz also thinks China is going to be well positioned for the blockchain transformation. “Since the government is already looking into putting a digital currency on the blockchain, and is already making public-private partnerships to leverage blockchain’s benefits for the public in terms of healthcare, AI, logistics, and other key industries,” Diaz said.
Malmi predicted that more and more money becomes cryptocurrency, and cash might be less used than before.
Malmi said that Bitcoin has become more and more popular, but it will co-exist with government-issued currencies, and it will have abundant space for appreciation.
Malmi predicted the potentials of blockchain technology to bring about a widespread change of future’s money and cryptocurrencies at the CHAINDD conference in Beijing.
Future of Money
Future of Cryptocurrencies
Future of Blockchain Technology
“Controlling Bitcoin’s exchange rate is crucial,” Malmi said. Bitcoin’s price will fluctuate significantly, and it might build a new form of money.
It’s not very easy to make a prediction. Malmi said that bitcoin will become more popular in 10 years. Because it starts at zero, he said that it can be better and better.